Southern New Jersey Overlook

Please note the following pension update from the IRS for the 2008 Pension Plan Year:

- 401k Salary Deferral Limit is $15,500 for the year.

- The Catch-Up Contribution Limit for 401k plan participants age 50 and over is $5,000. (This is in addition to the $15,500 Salary Deferral Limit above.)

- The Combined Employer and Employee Contributions cannot exceed $46,000 or an amount equal to 100% of a participant's compensation, whichever is lower.

The above is offered as general information and not as tax or legal advice.
http://www.irs.gov/newsroom/article/0,,id=174873,00.html




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